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Energy Points today launched what it calls the world’s first universal metric for measuring sustainability.

The cloud-based reporting system converts all domains, including fuel, electricity, transportation and water, into one comparable measurement.

Currently, individual companies often measure sustainability using a number of metrics including overall cost reduction or greenhouse gas emissions reductions. While lauding such efforts, Energy Points says that current measurements do not account for the variables that can impact sustainability, including different fuel sources, geographic locations and electricity generation.

By standardizing such measurement, the Energy Points system aims to enable businesses, utilities and energy service companies to make “comparative, intuitive and fact-based decisions” across all business locations. Businesses can also measure their exposure to the changing energy market, estimate its environmental footprint and compare sustainability performance against competitors. Energy Points believes its system can generate a greater financial and environmental return than current reporting methods.

The company has secured a $3 million initial round of financing led by Plan B Ventures. The financing will be used to launch and accelerate the adoption of the cloud-based platform